Continental Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: May 1, 1913*
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 225c6b37

Response Measures

None

Description

Article reports the bank was insolvent, the president committed suicide, and a receiver is seeking recovery for creditors. No mention of a depositor run; the bank failed and a receiver was appointed. Dates are taken from the article (May 26, 1913).

Events (3)

1. May 1, 1913* Other

Newspaper Excerpt: the suicide sometime ago of Frederick Schas, president of the Continental Savings bank of Memphis, Tenn., was due entirely to the insolvent condition of the bank.
Source: newspapers

2. May 1, 1913* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent; alleged deception by correspondent bankers (Knauth, Nachod and Kuhne) leading to insolvency and failure of the Memphis institution.
Newspaper Excerpt: Receiver Seeks to Recover $100,000 For The Creditors of Memphis Institution... receiver for the bank today began suit ...
Source: newspapers

3. May 26, 1913 Receivership

Newspaper Excerpt: Louis Marshall, Attorney for Rea O. Cary, receiver for the bank today began suit ... Receiver Seeks to Recover $100,000 For The Creditors of Memphis Institution.
Source: newspapers

Newspaper Articles (1)

1. May 27, 1913 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, May 27, 1913

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Article Text

SUIT REVEALS CAUSE OF MEMPHIS SUICIDE KNAUTH, NACHOD AND KUHNE, OF NEW YORK, MADE DEFENDANTS IN SENSATIONAL CASE. Receiver Seeks to Recover $100,000 For The Creditors of Memphis Institution. New York, May 26.-Asserting that the suicide sometime ago of Frederick Schas, president of the Continental Savings bank of Memphis, Tenn., was due entirely to the insolvent condition of the bank, and that that condition was the outcome of deception on the part of the firm of bankers, Louis Marshall, Attorney for Rea 0. Cary, receiver for the bank today began suit in the Suprme Court to recover $100,000 from the New York house of Knauth, Nachod and Kuhnel, for the creditors of the failed Memphis bank. In his address Mr. Marshall accused Knauth, Nachod and Kuhne of deliberately sending telegrams to Mr. Schas